A short sale in real estate occurs when the outstanding obligations (loans) against a property are greater than what the property can be sold for. Short sales are a way for homeowners to avoid foreclosure on their homes and still be able to pay off their loan by settling with lender.
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Real Estate Brokers
Closing costs will include title and escrow fees (if the seller is responsible for any portion of them, which will depend on your county), attorney fees, a portion of unpaid property taxes, re-conveyance fees, notary fees, delivery fees, documentary fees and/or transfer fees.
Remember that the amount on your monthly loan statement does not include interest. Interest is accrued until the date a loan is paid off, so you may have as much as 30 days of interest on top of the balance owing, and you’ll need to include this interest in the total payoff amount.
If a property is sold under a short sale, the lender may require the buyer to make up the difference, either through a personal obligation or a collection.
The IRS often gets involved with short sales, because they are seen as a relief of debt and may be treated as income. Check with your accountant.
In a market where buyers have many homes to choose from, sellers need to make their home more inviting and saleable as possible. Staging, for example, is wonderful way to help showcase your home and present it in the best possible fashioned.
In conclusion, a home that is bright and uncluttered will attract more prospective buyers. A visually attractive home that smells fresh and is clean will be very inviting. For open houses, some sellers even bake cookies for the agents and their buyers because of the wonderful aroma that spreads through the house, or spray vanilla in the rooms so the house smells wonderful. If you would like further information on how to make your home more attractive to buyers, feel free to contact me anytime. I offer a complimentary walk through and analysis of what you can do to improve your home, how to stay within your budget, and the possible return on investment you might receive by making the upgrades.
With all of the mixed-media messages surrounding us these days, it’s confusing for people to know where to invest their money (be it stocks, bonds, a 401K or real estate).
In my experience there’s no better way to save a bundle on your taxes (while simultaneously building your wealth) than through investing in real estate…
Maybe you’ve seen the late-night TV infomercials on “How to Get Rich Quick by Investing in Real Estate” and thought to yourself, “Is this stuff for real?”. In my opinion, most of these campaigns are just designed to sell you a bunch of expensive information – rather than real world investment properties.
The key to winning at the “game of real estate investing” is to surround yourself with positive, forward-thinking people who are already doing it themselves. People who will support your vision for building wealth – and “coach you” to succeed.
You and I have a responsibility to prepare for our retirement by making our money work for us – and buying investment property is one of the most effective, long-term, tried and true ways to do this (provided you make wise investment decisions and manage them properly).
My job is helping both experienced and novice investors – to successfully find, purchase, and maintain high-quality, “wealth-building” investment properties – making sure that we carefully evaluate your financial needs first, so that the next investment you make – makes sense for you!
Rather than having to figure everything out yourself – the researching, calculating, calling developers, and trying to find a “good deal” – why not let me do all that for you? After all – it’s what I do every day, so why not let me make it easy for you?